Avoiding Confusion In Your Trading

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#552: Avoiding Confusion In Your Trading

In this video:

00:28 – Confusion with time frames and when to trade.

00:58 – Too many indicators.

01:44 – Trade the same strategy across all time frame charts.

02:06 – Trade examples from this week.

06:19 – Blueberry Markets as a Forex Broker.

06:42 – Get onto my Master Class

06:59 – Comment, Like & Subscribe.

Today, I'm going to explain the importance of looking at multiple timeframe charts as a forex trader and how it can massively help increase your returns. Let's get into that more right now.

Hi there, traders is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 552.

Confusion with time frames and when to trade.

I find a lot of people come to me before they join as a client and they say, Look, I'm just confused. I don't know what to trade, when to look at my charts. I don't know what timeframes to look at. I could look at like a daily chart and it's telling me the EUR/USD is going down. I look at a one hour chart and the EUR/USD is going up. I completely lost. I don't know what to do and I get it because we've all been there. You know, everybody started with that confusion.

Too many indicators.

I had an email just yesterday actually, from someone who's brand new saying he opened a demo account and he couldn't believe how many indicators there were on the charts. And I went back to him and said, Look, you've got to understand that that looks really cool, real flashy. 99.9% of them are just a waste of time anyway.

But you can see how people get into that confusion when you start off it all looks very easy. You're looking at hindsight. You see this line cross over that line and I took it buy trade there. I would have made all this money. Reality, of course, is vastly different because, you know, the market doesn't move like that. And and hindsight's a wonderful thing.

Taking a trade in real time is completely different. So that all comes back to talking about today's topic of different timeframe charts.

Trade the same strategy across all time frame charts.

You see, the way that I trade is we trade the same strategy. The same logic, the same approach to any timeframe chart in any market. And what that means is you can go and look at your charts at the close of a candle issue.

You know exactly when to look at your charts and make your analysis of Is there a suitable trade, yes or no?

Trade examples from this week.

Now give you some real time examples. Right now I have a sell trade on Copper (XCU). Copper on the monthly chart. And we are now in July on the close of the June monthly chart on Copper and we saw a bearish set up as a reversal trade.

We've taken a sell trade on copper that's going really nicely right now. So that's the longer term perspective. This week I've taken six trades on the weekly chart trades predominantly looking for yen strength and they've retraced beautifully and now those pairs are heading downwards because we're looking for, as an example, like the CAD/JPY, you know, we're looking for that to drop with strength in the Canadian.

And so that's the bigger picture. We've taken some monthly charts, we've got some weekly charts today, been Friday, the 19th of July. I've actually taken five trades on the daily charts, one on the sorry, two on the 12 charts and one on the eight hour charts. So I've got a trace that I've just taken just now. The beauty of that is they're all taken at exactly the same time after the change of day 5 p.m. New York time.

So 6 p.m. by the time that we've taken and looked for the analysis and spreads have dropped. I've just taken those five daily chart trades,